Oil prices have decreased to levels seen before recent conflict, following reports of increased traffic through the Strait of Hormuz. U.S. Energy Secretary Chris Wright stated that shipments are nearing pre-war volumes, with over 20 million barrels passing through the strait in the last day. This development coincides with a diplomatic effort led by the U.S. to secure Gulf ally support for a preliminary agreement with Iran. The easing of tensions regarding oil transit routes appears to be influencing market prices. The U.S. and Israel launched strikes on Iran on February 28th, initially disrupting shipping in the region. The return to near-normal flow suggests a de-escalation of immediate threats to global oil supply. This comes as the US attempts to reassure its Gulf partners regarding the ongoing negotiations with Iran.